Tributary Capital Management LLC Buys 566 Shares of SouthState Bank Corporation $SSB

Tributary Capital Management LLC grew its stake in SouthState Bank Corporation (NYSE:SSB) by 4.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,476 shares of the company’s stock after purchasing an additional 566 shares during the period. Tributary Capital Management LLC’s holdings in SouthState Bank were worth $1,332,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Rise Advisors LLC bought a new stake in SouthState Bank during the 1st quarter worth approximately $33,000. Flaharty Asset Management LLC bought a new stake in SouthState Bank during the 1st quarter worth approximately $45,000. TFC Financial Management Inc. grew its position in SouthState Bank by 49,800.0% during the 2nd quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock worth $46,000 after acquiring an additional 498 shares during the last quarter. Summit Securities Group LLC grew its position in SouthState Bank by 81.5% during the 1st quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock worth $64,000 after acquiring an additional 309 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in SouthState Bank by 1,103.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock worth $64,000 after acquiring an additional 640 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director Janet P. Froetscher acquired 3,338 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average price of $97.31 per share, with a total value of $324,820.78. Following the purchase, the director owned 8,294 shares of the company’s stock, valued at $807,089.14. This represents a 67.35% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel E. Bockhorst sold 5,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the sale, the insider directly owned 31,785 shares in the company, valued at $3,165,786. The trade was a 13.59% decrease in their position. The disclosure for this sale can be found here. Insiders have purchased 8,338 shares of company stock worth $786,321 in the last three months. Insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on SSB. TD Cowen began coverage on SouthState Bank in a research report on Thursday, September 25th. They set a “buy” rating and a $127.00 price target on the stock. Citigroup reissued a “buy” rating and issued a $117.00 target price (up from $113.00) on shares of SouthState Bank in a research note on Monday, July 28th. National Bankshares set a $127.00 price target on SouthState Bank in a research note on Wednesday, September 24th. DA Davidson raised their price target on SouthState Bank from $115.00 to $117.00 and gave the company a “buy” rating in a report on Monday, July 28th. Finally, Hovde Group raised their price target on SouthState Bank from $97.00 to $105.00 and gave the company a “market perform” rating in a report on Friday, July 25th. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, SouthState Bank presently has an average rating of “Buy” and an average price target of $117.08.

SouthState Bank Stock Down 0.7%

NYSE:SSB opened at $93.88 on Thursday. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $114.26. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market cap of $9.50 billion, a price-to-earnings ratio of 13.99 and a beta of 0.68. The business has a fifty day moving average of $99.20.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.38. SouthState Bank had a return on equity of 10.23% and a net margin of 19.27%.During the same period last year, the company posted $1.90 EPS.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, November 7th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, November 7th. SouthState Bank’s dividend payout ratio (DPR) is currently 35.77%.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.